Sydney’s house prices increased by 0.9 per cent in July, the smallest gain since values started rising in February, as the surge in fresh stock gives buyers more options.
Sydney’s house prices increased by 0.9 per cent in July, the smallest gain since values started rising in February, as the surge in fresh stock gives buyers more options and takes some heat out of the market, CoreLogic’s July home value index shows., with prices rising by just half the 1.8 per cent increase recorded in May, amid signs the premium end of the market might be starting to weaken.CoreLogic research director Tim Lawless said Sydney’s home values could slow further as listings rise.
The top 25 per cent of Sydney’s housing market by value increased by 0.8 per cent in July, which is just a third of the growth recorded in May when prices rose by 2.2 per cent. “So, the question is, will we see demand increasing to meet that additional level of supply coming into the market at a time when sentiment is very low, interest rates are very high, and when banks are pretty cautious about lending on low deposit or high debt level borrowers?HSBC chief economist Paul Bloxham said demand would likely ease as international migration slowed, and higher interest rates weighed on buyer sentiment.
Brisbane and Adelaide bucked the trend, with values rising faster at 1.4 per cent, while Perth increased by 1 per cent. In the smaller capitals, Canberra rose by 0.7 per cent, Darwin by 1.2 per cent, and Hobart by 0.1 per cent. Nationwide, values increased by 2.9 per cent.
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